2004-03-26                     Senate Journal                      Page 2660
SB 379                                                                                            
SENATE BILL NO. 379 BY THE SENATE RULES COMMITTEE                                                   
BY REQUEST OF THE GOVERNOR, entitled:                                                               
                                                                                                    
          "An Act providing that public members of the Board                                        
          of Trustees of the Alaska Permanent Fund                                                  
          Corporation may be removed only for cause; and                                            
          providing for an effective date."                                                         
                                                                                                    
was read the first time and referred to the Judiciary and Finance                                   
Committees.                                                                                         
                                                                                                    
The following fiscal information was published today:                                               
 Fiscal Note No. 1, zero, Department of Revenue                                                     
 Fiscal Note No. 2, zero, Department of Law                                                         
                                                                                                    
Governor's transmittal letter dated March 24:                                                       
                                                                                                    
Dear President Therriault:                                                                          
                                                                                                    
Under the authority of article III, section 18, of the Alaska                                       
Constitution, I am transmitting a bill relating to removal of public                                
members of the Board of Trustees of the Alaska Permanent Fund                                       
Corporation.                                                                                        
                                                                                                    
This bill would provide that public members of the Board of Trustees                                
may be removed only for cause. The bill would provide grounds for                                   
the removal of public members of the board which includes, neglect of                               
duty, misconduct in office or conviction of certain misdemeanor or                                  
felony charges. The bill also grants Board members the opportunity to                               
be heard at a public hearing and requires at least ten days notice of the                           
hearing.                                                                                            
                                                                                                    

2004-03-26                     Senate Journal                      Page 2661
Under existing law, it is possible to remove all Board members at a                                 
change in administration. This bill would insulate the Alaska                                       
Permanent Fund from partisan politics by making it more likely that                                 
Board members would be retained until the expiration of their terms.                                
The state invests a great deal in the experience and training provided                              
to Board members. It is in our best interests to reap the full benefit of                           
this investment. The Alaska Permanent Fund Corporation benefits                                     
from having experienced Board members direct policy for                                             
management of the Permanent Fund.                                                                   
                                                                                                    
I urge your prompt and favorable action on this measure.                                            
                                                                                                    
Sincerely yours,                                                                                    
/s/                                                                                                 
Frank H. Murkowski                                                                                  
Governor